Today’s chart of the day comes courtesy of Bespoke Invest. The percentage of companies that have beaten guidance this quarter is a remarkable 85%. The number of firms that have raised their guidance is an even more remarkable 20%. As we mentioned before earnings season began, the analysts are just far too negative about the prospect for earnings going forward. Although I would expect this percentage to decline in the coming weeks I would still expect a high percentage of beat and raises which likely means there are significant analyst upgrades and price target increases coming down the line. This remains a difficult environment in which to get short.